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Managed Fund Since 2010
Equity
FMQRX Franklin Mutual Quest Fund
- Diversification. With the flexibility to invest a significant portion of its assets in foreign securities, the fund aims to take advantage of undervalued opportunities across the globe.
- A Record of Lower Long-Term Volatility than the MSCI World Value Index.
- Performance in All Types of Markets. Franklin Mutual Quest Fund aims to achieve long-term growth over up, down and sideways market cycles.
Popular Documents
Overview
Fund Facts
Fund description
The fund seeks capital appreciation with income as a secondary goal. Its strategy is focused on undervalued mid- to large-cap equity securities with a significant portion of its assets in foreign securities. The fund also invests in merger arbitrage securities and securities of distressed companies.
Identifiers
- Ticker
- FMQRX
- Fund Number
- 347
- CUSIP Code
- 354026759
Average Annual Total Returns As of 11/30/2025
Class R6
- 10.02%1 Year
- 10.95%3 Years
- 8.61%5 Years
- 6.06%10 Years
- 11.46%Since Inception
09/26/1980
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 11/30/2025 % of Total (Updated Monthly)
Insurance9.82% | |
Technology Hardware & Equipment9.46% | |
Capital Goods7.79% | |
Media & Entertainment7.54% | |
Food, Beverage & Tobacco6.58% |
Additional Fund Info
- Share Class Inception Date
- 05/01/2013
- Investment Style
- Value
- Lipper Classification
- Flexible Portfolio Funds
- Morningstar Category
10 - Global Moderately Aggressive Allocation
Manager and Commentary
About the Team
Uncompromising value investors
Franklin Mutual Series has been investing with our clients’ interests in mind since 1949. We are more than formulaic value investors. As one team with one focus, we transcend traditional value investing, applying deep fundamental research to find undervalued companies and the catalyst that will unlock that value and deliver results.
Commentary Highlights
September 30 2025- Markets: Global equity markets, as measured by the MSCI World Index, climbed in US dollar terms during the third quarter, as a US interest-rate cut, solid corporate earnings and ongoing enthusiasm about artificial intelligence drove stocks higher. Equity markets looked past concerns about public finances in France and the United Kingdom and ongoing US tariff uncertainties, while a softening US labor market and ongoing inflationary pressures remained worries.
- Contributors: Security selection in consumer discretionary, energy and consumer staples contributed to relative returns. Among the contributors were Samsung Electronics, Alphabet and Aptiv.
- Detractors: Stock selection in information technology, financials and health care curbed relative results. Charter Communications, Sorenson Communications and Elevance Health were among the detractors.
- Outlook: While we believe there are reasons to be optimistic about the markets, we think uncertainty could continue to generate pockets of volatility in the near term. US policy shifts have led European officials to enact changes which we think are bolstering conditions for improved economic growth and competitiveness, that when coupled with already low valuations can create potential for compelling investment opportunities.
Franklin Mutual Series
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Managed Fund Since 2020
Latest Insights
November 20, 2025
October 16, 2025
Performance
Calendar Year Returns
As of 11/30/2025
Class R6 - With Sales Charge (POP) (%)
Class R6 - Without Sales Charge (NAV) (%)
Blended 70% MSCI World Value-NR + 30% Bloomberg US Corporate High Yield Index (%)
MSCI World Value Index-NR (%)
Bloomberg US Corporate High Yield Index (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 10
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Geographic Allocation
As of 11/30/2025 % of Total (Updated Monthly)
| Geography | Fund |
|---|---|
North America | 66.36% |
| United States | 66.36% |
Europe | 23.70% |
| United Kingdom | 5.46% |
| Germany | 4.33% |
| Switzerland | 3.82% |
| France | 3.72% |
| Netherlands | 2.86% |
| Ireland | 1.28% |
| Italy | 1.24% |
| Luxembourg | 1.01% |
Asia | 5.21% |
| Japan | 2.54% |
| Hong Kong | 1.52% |
| South Korea | 1.15% |
Australia/New Zealand | 1.45% |
| Australia | 1.45% |
Cash & Cash Equivalents | 3.27% |
| Cash & Cash Equivalents | 3.27% |
Holdings 11
As of 10/31/2025 (Updated Monthly)
Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
Sorenson Communications LLC 8% 03/01/2030 Term Loan B (PIK)
Alphabet Inc COM USD.001 CL A
Rio Tinto PLC ORD GBP.10
Kellanova COM USD.25
ASR Nederland NV ORD EUR.16
Prudential PLC ORD GBP.05
BP PLC ORD GBP.25
Samsung Electronics Co Ltd ORD KRW 100
Zimmer Biomet Holdings Inc COM NPV
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 13-3019906
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Sep 30
Dec 19
Supplemental Tax Information
- Foreign Source Income
- —
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- 3.44%
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 18.33%
- Section 163(j)
- 50.64%
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Mutual Quest Fund | |||
| Product Commentary - Franklin Mutual Quest Fund | |||
| Flyer - Franklin Mutual Series Value-driven strategies, uncompromising results |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Mutual Quest Fund - Class R6 | |||
| Annual Financial Statements and Other Information - Franklin Mutual Series Funds | |||
| Semi-Annual Report - Franklin Mutual Quest Fund - Class R6 | |||
| Semi-Annual Financial Statements and Other Information - Franklin Mutual Series Funds | |||
| Prospectus - Franklin Mutual Series Fund | |||
| Summary Prospectus - Franklin Mutual Quest Fund | |||
| Statement of Additional Information - Franklin Mutual Series Fund | |||
| Fiscal Q1 Holdings - Franklin Mutual Series Fund | |||
| Fiscal Q3 Holdings - Franklin Mutual Series Fund |
Risks
All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the fund invests in companies in a specific country or region, the fund may experience greater volatility than a fund that is more broadly diversified geographically. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Investments in companies engaged in mergers, reorganizations or liquidations also involve special risks as pending deals may not be completed on time or on favorable terms. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The MSCI World Value Index is a market capitalization-weighted index designed to measure the performance of stocks exhibiting overall value style characteristics in developed markets.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.
The Bloomberg U.S. Corporate High Yield Bond Index measures the performance of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market.
Source: Bloomberg Indices.
The Blended Benchmark (70% MSCI World Value Index-NR (USD) + 30% Bloomberg U.S. Corporate High Yield Bond Index) is a combination of leading global stock and U.S. high-yield bond indexes.
The MSCI World Value Index-NR (USD) is a market capitalization-weighted index of stocks exhibiting overall value style characteristics in global developed markets. The Bloomberg U.S. Corporate High Yield Bond Index measures the performance of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Bloomberg Indices.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.